What amount of gain loss is recognized on the sale

Assignment Help Accounting Basics
Reference no: EM131756400

In year 0, Longworth Partnership purchased a machine for $43,500 to use in its business. In year 3, Longworth sold the machine for $34,000. Between the date of the purchase and the date of the sale, Longworth depreciated the machine by $24,800. (Loss amounts should be indicated by a minus sign.)

What amount of gain (loss) is recognized on the sale? (Leave no answer blank. Enter zero if applicable.)

What amount of gain (loss) is recognized on the sale if the sale proceeds were increased to $50,500?

What amount of gain (loss) is recognized on the sale if the sale proceeds were decreased to $13,600? (Leave no answer blank. Enter zero if applicable.)

Reference no: EM131756400

Questions Cloud

Calculate the variable overhead efficiency variance : The company budgets two direct labor hours for each of the 5,900 units that are scheduled for production. Calculate the variable overhead efficiency variance
Discuss restricted stock to its ceo : Ogden Company issues 1,000 shares of restricted stock to its CEO, Christie DeGeorge
What you believe to be the crux of ifrs : Create an initial posting that includes what you believe to be the 'crux' of IFRS. Is IFRS likely to be adopted in the U.S. in the near future?
Compared to governments or markets : As an agent of economic development, in what areas do NGOs have a comparative advantage, compared to governments or markets?
What amount of gain loss is recognized on the sale : What amount of gain loss is recognized on the sale. Leave no answer blank
Techniques in consideration of an organization culture : Describe the process of organization diagnostics and analysis used and apply it to techniques in consideration of an organization's culture.
Sector enrichment and traditional sector enrichment : 1. Distinguish between economic growth by modern sector enlargement, modern sector enrichment and traditional sector enrichment.
Analyze how product costing is used for a cabinet division : Analyze how product costing is used for a cabinet division. Validate your answer with 2-3 reasons for and 2-3 reasons against the other types of costing.
Review case study of the escargot inc : Escargot Inc. is a 5-star restaurant in Cincinnati. The restaurant sells 500 gift cards during January 2017. Each gift card has a face value of $300.

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd